Okay oo.

Olanipekun1:
[s][/s]

I don't think Nigeria is ripe for this cashless policy of a thing. And this may be due to the following:

1. High illiteracy rate.

2. High rate of internet fraud.

3. Poor online bank services.

4. Absence of trust among the masses.

5. Unstable network services.

6. Poor publicity which leads to the absence of awareness among the masses.

7. Rural neglects which leads to poor rural development.

8. Technology deficiency still active in the country.

9. E.T.C.

If you must copy the policies of other developed countries, you should also try and balance it with the level of their development.

Mind you. We have many semi illiterates and stack illiterates who are doing multi million naira business in Nigeria, but they have little or no knowledge about online transactions.

[s]

TRIGITIS:

[/s]

Okay



CBN PRO




So far banks can stop their invalid mmi code or system service error



No lele

All these terms used in the body of post look confusing

thebosstrevor:
What alternative?

The only way is to deposit 450000
2 times if you have 900000 thousand to deposit

when i hear financial inclusion, all i hear is scam.

Suddenly the poor have to pay for the rich corruption.

won't work.
Daily limit bruv!unless you will split the money and deposit it in 2 days.

dayo2me:
All these terms used in the body of post look confusing

What is confusing, Sir? You can ask and I will answer to the best of my knowledge.

pocohantas:
Illustration on how charges (will) apply.

Assuming you want to deposit N530,000 into your individual account. Having in mind that the daily limit is N500,000. You will be charged on the excess of N30,000.

That is 2% of N30,000 = N600

Not much right?

not much, until almost 100,000 people are charge that same amount

anytym corrupt people have stolen all the cash they and their banker friends always bring out new scheme to steal from hard working citizens.

Me that cannot pay someone 50k cash will now be thinking of 500k..omo the policy good..this cashless policy now makes me go to computer village fearlessly coz my money cannot be stolen...

They don't want you to deposit ie carry cash. You can TRANSFER and the rate will not apply.

How exactly are they discouraging cashless transaction?

TRIGITIS:
[s][/s]
[s]Nothing to be understood here. Why should I be charged for depositing into an account?

How can you be preaching cashless economy and be discouraging it at the same time?[/s]

thebosstrevor:



not much until almost 100000 are charge that same amount

anytym corrupt people have stolen all the cash they and their banker friends always bring out new scheme to steal from hard working citizens.

Cashless policy means you should transfer from one account to another tariff free,rather than deposit cash.
Stop talking like this. I no see wetin concern corrupt officials here

netpro:
1. Majority of those screaming online don't even earn N500,000 cash daily.

2. Any individual earning 500,000 cash daily should have a business account. His limit will become 3 million daily.

Even a stripper does not earn 500k per night in raw cash. Even church offering goes to business account and it is weekly.

So u believe that u will Remain stagnant for life abi

Oshi

Most of the people making noise about this have never seen N500,000 cash in their lives.

Dozie32:
Wetin concern naked MSN with pocket?? As I no get 1kbo for my bank account, this news or policy is not for people like me ooo

Dude have you been to the bank recenty?


Trust me they are many.

casdoruche:


So u believe that u will Remain stagnant for life abi

Oshi

Why exactly should any person be planning on how to make regular CASH transactions in excess of N500k in the future? Freaking get a POS if you're a businessman or just do an online transfer as an individual. Or are you a drug baron who operates only with cash?

Logobenz:
won't work.
Daily limit bruv!unless you will split the money and deposit it in 2 days.

Daily limit is on withdrawal not on deposit.

in as much is not eradicating poverty it a CAPITAL rubish

AstroG:
This is the most rubbish post I have ever read in my life..

It reeks insensitivity and stupidity..
Lemme not just face u knw,cus u won't like it

Do you transact over N500,000 in cash daily and those your clients can't do transfer to you?

For your info the charges only applies to CASH.

Realdeals:
Good one, most Nigerians have resistance to changes or new policy that does not provide instant benefits.

This should be the third time the government is try to implement the policy fully and to now imagine that those whose daily cash transaction is not up to 100K are making the loudest noise and complaint is appalling.

If the policy was good, Nigerians would have embraced it.

Nigerians didn't need government policy to embrace mobile phones, they embraced it because it was good.

Nigerians banks are horrible and over charge for their shitty services.

Zico5:
GEJ is by far better than this clueless government. Though we don't value what we have until we lose it. Despite the corruption allegation against him, I think the God of the land favoured him. Since Buhari came to power with his anti corruption crusade, life has been very difficult. Even common food like garri, rice and even vegetables cannot be priced in the market. May God save Nigeria.

What is the business of GEJ or Buhari with CBN's cash or cashless policy?

casdoruche:


So u believe that u will Remain stagnant for life abi

Oshi

Then do electronic transfer. Don't be living like a caveman.

There is shortcodes, ATM transfer, POS, Mobile apps, Internet banking, etc.

This is just aimed at making more people have bank accounts.smart move by CBN.
Boosting clientele for retail/commercial banks.
If you are a dummy,this is the meaning of what I said;
If you take 5m cash to go purchase from your customer/supplier in balogun market,he will decline that you should do a transfer instead since he won't want to pay 3% of 2million as charge,that is if he runs a business account or 3% of 4.5m for savings account.
Then the 5m naira cash holder will be forced to go open an account of his/her own and do a transfer instead.
Multiply this by the total number of people like him or her and see the large number of people that will be brought into the banking dragnet with just a single policy
No one cares about the risk in carrying cash,they just want you to use a bank ffs so they can secure more customers

All these epistles to remove our eyes from the truth that govt wants to exploit us more with more taxes. .

We.are.not 7 year old kids.

Sterope:
They don't want you to deposit ie carry cash. You can TRANSFER and the rate will not apply.

How exactly are they discouraging cashless transaction?

Don't you pay for interbank transfers?

the convenience of cashless transactions is bae
no going to bank to withdraw cash - you make the payments directly. no queue in bank, no risk of someone following you and robbing you and records of every transaction.

all this talk about failed transactions - na noise. my failure rate is less than 5%
earlier this year i was at LG, making a very very big purchase. i dey fear say transaction would fail and i would be chasing bank upanddan - but it went straight , no story.
i sent money to a partner - large amount - also no story. no i am in the bank, no traffic, just sit at your phone and punch it in. in the same way, when it is time to collect on a loan - if a person is saying you gave me 200k, when you actually gave 300k, you can confirm immediately

na the same transfer them take hook useless police and lastma
las las - buhari will push every policy that has been setup which we have been pussyfooting around.
i really do not understand where the complaints are coming from.
if your time is valuable to you and you don't like stress, you will love cashless. no story about change. no story about i dont want this dirty money. and there is always a paper trail for your own audit

AZeD1:

If the policy was good, Nigerians would have embraced it.

Nigerians didn't need government policy to embrace mobile phones, they embraced it because it was good.

Nigerians banks are horrible and over charge for their shitty services.

Why should any normal person need to be forced before knowing they should stop carrying huge amounts of cash all over the place? As a business involved in sales, simply get a POS. As an individual, simply do an online transfer. We always lament over irrelevant things in Nigeria.

Why are people attacking me.

Am I Emefiele, his wife or mistress?

I have not even eaten today o

Mopolchi:
The CBN policy will discourage savings! Banks will have little or no money to lend and for investment. Small scale industries will suffer heavily.

The CBN can encourage cashless policy through raising the interest paid on savings and increase incentives in using cashless payment options.

It’s a lie..it will not discourage anything..Nigerians are the most amazing set of people when it comes to adjusting especially bad things that is infringing on our rights.
we make noise for a week and all returns to business as usual... with the final consumer facing all the effect...

This government already knows our mode of operation, they confirmed it was when fuel jumped from 65 to 145....took 50 Naira from all deposit, we will use money to collect atm and still be charge maintenance fee monthly..they don’t care to protect us from service providers cos they share the money....abroad..Atm is free cos it’s ur right to have access to ur money at any time of the day.

In a country where nothing is working... the senators boldly told us we are insulting them for saying 5.5billion is too much for cars...we will soon be mandated to pay for air....they have no idea to grow this nation and their appetite for stealing is like the grave..the only place they can get more money is from us...just wait and hear the next charge/tax shortly...

thebosstrevor:


Daily limit is on withdrawal not on deposit.

did I say the will refuse to collect a deposit above 500k?
I said the will charge you on any excess of 500k daily.
So if you deposit your 900k per day they will charge you on the 400k as deposit charge na

Logobenz:
Cashless policy means you should transfer from one account to another tariff free,rather than deposit cash.
Stop talking like this. I no see wetin concern corrupt officials here

when no savings they bring out schemes to support banks

we should forget the other charges customers pay to maintain their account.

In 2012 oil price was down when the policy came out
in 2019 oil price is down

politician stole all our savings suddenly, we must pay for their sins.

a

netpro:
1. Majority of those screaming online don't even earn N500,000 cash daily.

2. Any individual earning 500,000 cash daily should have a business account. His limit will become 3 million daily.

Even a stripper does not earn 500k per night in raw cash. Even church offering goes to business account and it is weekly.

The fish that hates water will end up screaming blue murder when it gets barbequed in the blazing sun.